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RBC expands operations in Barbados with launch of international
investment advisory offering
ST. MICHAEL, BARBADOS, March 31, 2010— RBC
(NYSE, TSX: RY), the largest financial institution in Canada,
today announced the opening of an international investment
advisory and full-service securities brokerage office in Barbados
as part of the bank's wealth management division. The new
business allows the Barbados office to offer RBC's full suite
of wealth management solutions to its clients, and adds to
the growth of the firm's investment platform across the Caribbean.
"This marks a terrific accomplishment for RBC as we
continue to expand in the Americas region, and reinforces
our commitment to our Caribbean platform," said Michael
Moodie, head of Americas Region, RBC Wealth Management, International.
"The enhancement of our Barbados operations aligns with
RBC Wealth Management's core strategy of expanding internationally
in select markets and continuing to build out and add scale
to our hub offices internationally. We continually look for
opportunities to grow in specific geographies where our history
and brand are strong and where we can meet the needs of our
clients."
RBC, which has had a presence in Barbados for nearly a century,
will now have one of the largest and most complete investment
platforms in the country. The firm provides a number of wealth
management services to clients in Barbados, including trust
& fiduciary, discretionary investment management, corporate
services, and credit solutions.
"As a jurisdiction, Barbados continues to be attractive
to both high net worth and institutional clients and is committed
to maintaining its high standing as a well-regulated, responsible
international financial centre through its transparent and
sophisticated legal and regulatory standards and regulations,"
said Gordon Anderson, Managing Director of RBC Wealth Management,
Caribbean. "Our history and knowledge of the Barbados
market put us in a unique position to provide integrated wealth
management and customized financial advice to our clients."
Barbados' proximity to the southeast Caribbean, Central America,
Venezuela and Colombia markets also adds to its appeal as
a hub office for RBC Wealth Management, and will benefit the
firm's ability to service clients in those markets.
The announcement comes on the heels of RBC Wealth Management's
recent recognition last month by Euromoney magazine
for having the "Best Private Banking Services Overall"
in the Caribbean. RBC was recognized in all three Caribbean
countries in which it operates: Best Local Bank in the Bahamas,
Best Foreign Bank in the Cayman Islands and Best Private Banking
Services Overall in Barbados. As well, RBC is ranked 3rd and
13th respectively in the category of Best Private Banking
Services Overall in North America and globally, and also ranked
in the top 20 in Latin America and Western Europe.
About RBC Wealth Management
The international arm of RBC Wealth Management services over
35,000 high net worth individuals and institutions through
more than 30 offices in the British Isles, Continental Europe,
Asia, the Middle East, the Caribbean, Latin America and North
America. RBC Wealth Management provides integrated and diversified
international wealth management expertise and solutions, asset
management and trust services to high net worth individuals
and to corporate and institutional clients. Services provided
by RBC Wealth Management consultants, advisors, private bankers
and trust officers include trust and estate planning, tax
advice, discretionary investment management and investment
advisory services, structured solutions, banking, lending
and global custody. For more information, please visit www.rbcwminternational.com.
About RBC
Royal Bank of Canada (RY on TSX and NYSE) and its subsidiaries
operate under the master brand name RBC. We are Canada's largest
bank as measured by assets and market capitalization, and
among the largest banks in the world, based on market capitalization.
We are one of North America's leading diversified financial
service companies, and provide personal and commercial banking,
wealth management services, insurance, corporate and investment
banking and transaction processing services on a global basis.
We employ approximately 77,000 full- and part-time employees
who serve more than 18 million personal, business, public
sector and institutional clients through offices in Canada,
the U.S. and 53 other countries. For more information, please
visit rbc.com.
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Media Inquiries:
RBC, New York: Kevin Foster, (212) 428-6209, kevin.foster@rbc.com
RBC, Caribbean: Jan Knowles, (242) 356-8796, jan.knowles@rbc.com
RBC, New York: Kait Conetta, (212) 428-6409, kait.conetta@rbc.com
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